SalMar ASA

Investor Presentation • Aug 20, 2024

2 0 A U G U S T 2 0 2 4

Q2 2024 Presentation

C E O F R O D E A R N T S E N

Highlights Q2 2024

• Farming segments in Norway affected by low superior share
  • Improved biological situation in the sea during the quarter
• Sales & Industry with high contract share and continue to showcase flexibility in handling volume
• SalMar Aker Ocean with transfer of new smolt to Ocean Farm 1
• Icelandic Salmon granted new licenses of 10,000 tonnes MAB
  • Results in Q2 affected by low volume and biological challenges
• Scottish Sea Farms with strong biological performance and results significantly improved YoY
• Participated in the traffic light round bought 3,027 tonnes MAB
• Paid dividend of 35.00 NOK/share for 2023 in June
• Continued solid and robust financial position with sustainable financing facilities in place
• Volume guidance FY 24 kept unchanged for Norway, SAO and UK
  • Iceland decreased to 13,000 tons

Harvest volume (1,000 tons gw)
Group	Norway1
44.8 Δ QoQ Δ YoY -8.1 +0.5	44.1 Δ QoQ Δ YoY -1.2 -0.1

Δ QoQ = Q2 2024 vs. Q1 2023 Δ YoY = Q2 2024 vs. Q2 2023 1) Norway = Group results excluding Icelandic Salmon and SalMar Aker Ocean

Q 2 2 0 2 4

Operational Update

Farming Central Norway Key Results

• Satisfactory results despite some challenges
  • Finished harvest of autumn 2022 generation and continued harvest from spring 2023 generation
  • Cost level reduced QoQ and YoY

Outlook

• Continue harvest of spring 2023 generation and start of harvest of autumn 2023
• Overall satisfactory biological status
• Expect similar cost level in Q3 24 compared to Q2 24
• Expect lower volume in Q3 24 compared to Q3 23
• Guidance FY 2024 kept unchanged at 146,000 tonnes

	Q2 2024	Q2 2023	H1 2024	H1 2023
Operating income (NOKm)	2,656	2,852	5,441	5,179
Operational EBIT (NOKm)	1,110	1,108	2,296	2,217
Harvest volume (tgw)	27.1	28.3	54.9	50.5
EBIT/kg (NOK)	41.0	39.1	41.8	43.9

EBIT/kg (NOK)

Farming Northern Norway Key Results

• Weak results due to biological challenges

  • Low superior share impacting price achievement
  • Finished harvest from spring 2022 and continue harvest from autumn 2022 generation

• Finish harvest from autumn 2022 and continue harvest from spring 2023 generation

• Improved biological status
• Expect higher cost level in Q3 24 compared to Q2 24
• Expect lower volume in Q3 24 compared to Q3 23
• Guidance FY 2024 kept unchanged at 91,000 tonnes

	Q2 2024	Q2 2023	H1 2024	H1 2023
Operating income (NOKm)	1,447	1,542	2,902	3,424
Operational EBIT (NOKm)	508	858	984	1,694
Harvest volume (tgw)	17.0	16.0	34.6	35.7
EBIT/kg (NOK)	29.9	53.7	28.5	47.4

Sales & Industry Key Results

• Low capacity utilization of facilities in value chain due to seasonality in volume
• Flexible operational set-up handling volume from challenges in farming segments
• 46% contract share¹ with negative contribution due to high spot prices

Outlook

• Contract share currently around 35% for Q3 24 and FY 24

	Q2 2024	Q2 2023	H1 2024	H1 2023
Operating income (NOKm)	5,860	6,003	12,309	12,242
Operational EBIT (NOKm)	-90	-67	-127	-148
Operational EBIT-margin (%)	-1.5 %	-1.1 %	-1.0 %	-1.2 %

Icelandic Salmon Key Results

• Low harvest volume as expected

• Results affected by low volume and biological challenges

  • High cost of fish harvested
  • One-off costs of 3.9 MEUR / ~63 NOK/kg in the period

• Expect continued high cost level in Q3 24

• Expect lower volume in Q3 24 compared to Q3 23
• Guidance FY 2024 decreased to 13,000 tonnes
• Granted additional licenses with 10,000 tons of MAB

	Q2 2024	Q2 2023	H1 2024	H1 2023
Operating income (NOKm)	113	26	427	791
Operational EBIT (NOKm)	-43	-35	-49	169
Harvest volume (tgw)	0.7	0.1	3.5	6.7
EBIT/kg (NOK)	-61.6	-384.6	-14.3	25.4

SalMar Aker Ocean Key Results

• Good biological performance from both projects gives confidence for further potential
• New smolt transferred to Ocean Farm 1 in Q2 24

• 2 nd production cycle in Arctic Offshore Farming starting in Q3 24

• Guidance FY 2024 kept unchanged at 7,000 tonnes

  • Remaining volume to be harvested in Q3 24

Scottish Sea Farms¹ Key Results

• Increased harvest volumes with good harvest weights

• Strong biology in the quarter and next generations of fish performing well in all regions

• Good biological status in all regions

• Guidance FY 2024 kept unchanged at 37,000 tonnes

	Q2 2024	Q2 2023	H1 2024	H1 2023
Operating income (NOKm)	1,414	692	2,262	1,197
Operational EBIT (NOKm)	234	-144	372	-135
Harvest volume (tgw)	12.2	6.3	19.5	11.5
EBIT/kg (NOK)	19.1	-22.8	19.0	-11.8
Fair value adjustments (NOKm)	27	16	37	-5
Profit after tax (NOKm)	123	-156	189	-189
NIBD (NOKm)	2,614	2,647	2,614	2,647

Financial Update

Q 2 2 0 2 4

Group Profit & Loss

• Decrease in operational EBIT QoQ driven by lower volume and price achievement
• Cost level reduced QoQ

Comments related to Q2 2024

• Production tax decreased due to lower volume
• Fair value adjustments* positive due to higher biomass
• Income from associates & JV positive due to improved results from Scottish Sea Farms
• Net financial items decreased due to higher financial income

Group operational EBIT - QoQ

*) Includes onerous contracts and fair value adjustments

**) Adjusted for fair value adjustments and implementation effect resource rent tax, see notes in financial report for details ***) Operational EBIT adjusted for write downs, litigation cost and restructuring cost in Norway

Group Balance Sheet Assets Equity ratio

• Ongoing investments in the value chain progressing according to plan
• Higher standing biomass QoQ and lower YoY
• Dividend paid of 35.00 NOK/share for 2023
• Equity ratio decreased to 38%
• Net interest-bearing debt (NIBD) including lease liabilities increased to NOK 18.6 billion
  • NIBD incl. lease/EBITDA at 2.1
  • NIBD/EBITDA at 1.9
• Available liquidity NOK 7.4 billion

Net interest bearing debt

• Cash flow from operations impacted by working capital
• Net investments NOK 624 million
  • Traffic light NOK 117 million
  • Farming NOK 321 million
  • Smolt NOK 59 million
  • Sales & Industry NOK 69 million
  • Icelandic Salmon NOK 48 million
  • SalMar Aker Ocean NOK 10 million
• Paid dividend of 35.00 NOK/share for 2023

Change in NIBD incl. leasing - QoQ

Sustainable and flexible financing

• 4 ESG KPIs included in Sustainability Linked Loan agreement (RCF+Term Loan)
  • Survival Rate
  • Biological Feed Conversion Ratio
  • Share of local secondary processing
  • Intensity GHG emissions Scope 1+2+3
• New Green Bond Framework in place from August
  • Second party opinion from S&P Global rating the framework as medium green¹
• First issuance of commercial paper in June
• Partially owned subsidiaries with separate financing

Long-term facilities²

All figures in NOK billion 1) Green Bond Framework and second party opinion available from SalMars website 2) Long-term facilities in SalMar ASA

16

Q 2 2 0 2 4

Strategic Update

Strong foundation for further growth

Increased MAB capacity in Norway

• Aquired capacity through both fixed price and auction in the traffic light system
• Totalling 3,027 tonnes MAB in PO10,11,12 and 13

  • 2% growth in MAB licenses in Norway

Increasing our ownershare

• Bought remaining ownershare in Refsnes Laks in July 2024
• Refsnes Laks operating in PO6 in Central Norway
• Increased ownershare to 51% in Øylaks in August 2024
• Øylaks operating in PO5 in Central Norway

Farming site Mortensnes in Altafjorden in production Area 12 in Northern Norway

18

Granted new capacity in Iceland

• New capacity in Ísafjarðardjúp
• 10,000 tonnes maximum allowable biomass (MAB) of sterile salmon
• 3 new farming sites

Salmon Living Lab an innovation center to create the sustainable aquaculture the world needs

the knowledge about the biology

Need to close knowledge gaps, and continuously search for new insights

Target – in-depth knowledge about drivers of biological performance and product quality

Strong and close collaboration with Cargill

Received very strong interest in the initiative, 100+

Aiming to attract and collaborate with leading industry expertise

For more information: www.salmonlivinglab.no

Salmon Living Lab will be an innovation center for improving the salmon farming value chain

Kristine Hartmann Head of Salmon Living Lab

• Former development director in SalMar Aker Ocean

• Strong experience with scale-ups, working at the intersection of industry, regulation, and NGOs through Aker BioMarine and C4IR Ocean

Born: 1975 Tel: +47 916 30 117 Email: kh@salmonlivinglab.no

Key work tasks going forward

• Contact all relevant interested participants
• Prioritize projects to be included to close knowledge gaps
• Initiate process for building start of the innovation center
• Key milestones will be communicated

21 Design illustration of innovation center

For more information: www.salmonlivinglab.no

Outlook

Q 2 2 0 2 4

Outlook

• Expect limited global supply growth in 2024
  • Continued good demand for sustainable proteins
• SalMar well equipped for further sustainable growth
  • Dedicated employees and strong corporate culture
  • Strong growth potential in optimal locations
  • Robust value chain with unutilized potential

Guiding

	Q3 2024			FY 2024
	Δ Cost QoQ1	Δ Volume YoY2	Contract share3	Volume	Contract share3
Norway	Slightly higher	Lower	~35%	237,000	~35%
Central Norway	Same level	Lower		146,000
Northern Norway	Higher	Lower		91,000
SalMar Aker Ocean		Higher		7,000
Icelandic Salmon		Lower		13,000
Scottish Sea Farms4				37,000

1) ΔQoQ = Change from Q2 2024 2) ΔYoY = Change from Q3 2023 3) Physical and financial fixed price contracts 4) Joint venture Scottish Sea Farms LTD through Norskott Havbruk, ownership 50%, figure depicts 100% share

Thank you for your attention

Passion for Salmon

For more information, please visit www.salmar.no

FINANCIAL CALENDAR:

Q3 2024 presentation – 12 November 2024 – Oslo Q4 2024 presentation – 18 February 2025 – Oslo Annual Report 2024 – 25 April 2025 Q1 2025 presentation – 20 May 2025 – Oslo Annual General Meeting – 18 June 2025 Q2 2025 presentation – 21 August 2025 – Trondheim Q3 2025 presentation – 6 November 2025 – Oslo

INVESTOR CONTACT: Håkon Husby, Head of IR Tel: +47 936 30 449 Email: hakon.husby@salmar.no

Forward looking statements

The statements contained in this presentation may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Although SalMar believes that the assumptions and expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such assumptions or expectations will prove to be correct. A number of material factors could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause such a difference include but are not limited to: biological situation in hatcheries and sea farms; fish escapes; fluctuations in salmon prices; foreign exchange, credit and interest rate fluctuations; changes in the competitive climate; changes in laws and regulations. SalMar assumes no obligation to update any forward-looking statement.